Sell Me This Offtake

Hello, Drew, how are you doing today? Your team had previously showcased interest in procuring chemically recycled polyester across your private-label apparel categories as part of your circularity roadmap. Does that ring a bell?

Yeah, I think that was on the Ridgeline and Kinetix side.

Brilliant. The reason for the call today, Drew, is that we are now opening the next phase of strategic brand alignment around our commercial scale-up, and honestly, it is perhaps the most compelling circular polyester opportunity in the market right now. If you have sixty seconds, I would like to walk you through it. You got a minute?

Actually, I am really quite...

At Polyora, we are scaling textile-to-textile chemical polyester recycling across Europe, anchored by our founding brand partner consortium, with a second anchor already in the offtake column. Right now, Drew, we are sitting on the cleanest depolymerisation chemistry in the market, and the regulatory tailwinds are about to make this the feedstock every brand with a sustainability target will be fighting over by the end of the decade. By the way, Drew, our internal models indicate the impact accounting alone could carry your Scope 3 narrative through the decade. Your reduction on a 50,000 tonne offtake would be upwards of 250,000 tonnes of CO2e against your baseline.

Jesus. That is my Scope 3 target.

Exactly. That is your Scope 3 target, Drew. This offtake alone clears your Scope 3 target.

Drew, one thing I can promise you, even in this scaling environment, is that I never ask our partners to judge us on our pilots. I ask them to judge us on our commercial volumes, because we have so many in pipeline. And in the case of this partnership, based on every input in our commercial model, we are looking at a grand slam closed loop.

Okay. Walk me through delivery. When does material actually start landing at our mill partners?

Commercial integration is targeted from the back half of the decade, Drew.

So no material this year or next.

Drew, that is the wrong framing, with respect. The integration is targeted from then. The partnership starts now. The commitment is what unlocks the financing that builds the plant that delivers the material.

So I am committing offtake on a plant that does not yet exist.

You are anchoring offtake against a project pipeline that has been validated by our founding partners at exactly this stage. That is not speculative. That is sequenced infrastructure development.

What is the nameplate, where does it sit, and what is the permit status?

Phase one is in France, Drew, with site preparation moving ahead and engineering teams working around the clock on detailed plant design. The headline figure reflects the combined build-out across phase one and phase two, with phase two contingent on offtake depth from partners like yourselves.

So if I do not sign, phase two does not get built. And if I do sign, phase two only gets built if you raise capex against my commitment.

You are seeing the elegance of it, Drew.

And the landed cost per kilo?

We are guiding toward a meaningful premium over virgin in the ramp phase, narrowing as nameplate scales, with regulation and virgin material cost exposure closing the spread organically toward the back of the decade.

Define meaningful premium.

A meaningful premium.

Right. And spec? Can we run it through Kinetix against our existing performance requirements without triggering a full requalification process?

The output is spec-equivalent to virgin PET at commercial scale. We are blending with virgin to meet performance criteria during ramp.

So it is not pure recycled.

It is functionally recycled, Drew. The lifecycle accounting reflects the recycled content fraction, which is independently verified by a tier-one consultancy.

Okay. Let me come back to you.

Drew, I should mention, our offtake book is filling. Our founding partners are expanding their stated volume, the second anchor is in conversation about a follow-on phase, and your allocation is being held informally pending a verbal today.

Founding partners are expanding.

They are expanding intent. The press release goes out next quarter.

Right.

Drew, I am going to pencil you in at the headline number. That positions you as the lead retailer in this category, anchors your sustainability comms platform through the decade, and gives you first call on phase three capacity into the early 2030s. Let me lock that in and have our comms team coordinate the joint press release for Monday. Sound good, Drew?

Yeah. Sounds good.

Brilliant. Hey, Drew. Thank you for your vote of confidence. And welcome to the future of fibre.

Yeah. Thanks a lot, man. Bye-bye.